The African Export-Import Bank (Afreximbank) and the National Bank of Egypt (NBE) have signed a memorandum of understanding (MoU) at the Intra-African Trade Fair to promote trade and investment flows into Egypt. Under the MoU, the two institutions agreed to broaden and deepen their collaboration in the provision of products and services related to project preparation, project finance and asset-based finance, intra-Africa trade, export development finance, treasury, trade finance, syndication, financial advisory, and digital platforms. The agreement establishes a Joint Project Preparation Facility (JPPF) between the two institutions, a first-of-a-kind for an Egyptian commercial bank. The JPPF will support public and private sector investors to prepare projects in the following prioritised sectors: Energy, transport and logistics; logistical platforms such as special economic zones/industrial parks; manufacturing; agri-processing; hospitality and tourism; and services in the ICT, healthcare, and creative economy. Additionally, the partnership aims to catalyse and advance the attainment of Egypt's strategic objectives as espoused under the Sustainable Development Strategy of Egypt's 2030 Vision by creating quality jobs, enhancing the competitiveness of the country's economy, embedding economic resilience, and facilitating market access within the Africa Continental Free Trade Area (AfCFTA). "The execution of this memorandum marks yet another remarkable milestone in our longstanding partnership with the NBE. It is a multifaceted partnership which encompasses the end-to-end financial solutions spanning from project conception all the way to project implementation and project operations underpinned by the provision of bespoke financial advisory services," said Amr Kamel, Afreximbank's Executive Vice President in Charge of Business Development and Corporate Banking. "We are particularly thrilled about the traction garnered with the JPPF solution we pioneered. We aim to mainstream project preparation activities across the continent and complement member countries' efforts to bridge infrastructure and investment gaps in Egypt in a timely manner, thereby fast tracking the operationalisation of the AfCFTA." Hisham Okasha, the NBE's Chairperson, stressed that signing the protocol with Afreximbank aims to strengthen relations and create a framework for cooperation and coordinating efforts to support the public and private sectors. He added that the protocol also targets identifying and preparing projects to be financed, providing the necessary financing for several investment projects undertaken by Egyptian businesses, and creating a favourable investment climate to help such businesses tap into the promising African market. Okasha further explained that access to advisory and training services and international transactions will be offered to these businesses under the protocol to provide the best success factors and capitalise on the huge investment opportunities in the African continent across the industrial, agricultural, and energy sectors. Additionally, Yehia Abul Fotouh, the Deputy Chairperson of the NBE, expressed his pleasure regarding the signing of a MoU with Afreximbank in order to achieve the bank's goals in syndicated loans and financial consultancy.
